- The pair remains under pressure around/below the 1.1800 milestone.
- The greenback flirts with 2018 tops beyond 93.60 tracked by DXY.
- EMU’s Current Account surplus widened to €40.6 billion in March.
EUR/USD remains on the defensive so far this week and is now trading at shouting distance from recent YTD lows in the 1.1760 region.
EUR/USD lower on USD-buying
The pair faded once again another failed attempt to advance further north of the 1.1800 barrier on a sustainable fashion earlier today, returning to the 1.1780/70 band and closer to multi-month lows around 1.1760.
In the meantime, the US Dollar Index (DXY) briefly tested the area of recent YTD peaks in the 93.60/65 band, albeit losing some momentum soon afterwards.
In the data space, EMU’s Current Account surplus widened at a non-seasonally-adjusted €40.6 billion during March, while the trade surplus rose to €26.9 billion during the same period.
Across the pond, FOMC’s L.Brainard (permanent voter, dovish) and Dallas Fed R.Kaplan (non voter, hawkish) are due to speak.
EUR/USD levels to watch
At the moment, the pair is losing 0.14% at 1.1779 and a breakdown of 1.1762 (2018 low May 16) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1553 (monthly low Nov. 7 2017). On the flip side, the next resistance aligns at 1.1867 (10-day sma) seconded by 1.1996 (high May 14) and finally 1.2021 (200-day sma).
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